ICONIC MELBOURNE HOTEL SET TO CHANGE HANDS

Written on the 25 August 2015

ICONIC MELBOURNE HOTEL SET TO CHANGE HANDS

PUBS group Cook Beaumont & Partners is calling time at the Pine Grove Hotel after nine years of ownership, placing the leasehold of the iconic property on the market.

The hotel is one of Upper Beaconsfield's popular food, beverage, gaming and function destinations for locals, with history dating back to the late 1800s.

Cook Beaumont, controlled by partners Peter Cook and Stephen Beaumont, says that while the business was "highly profitable" the sale is due to changes to the company model and executive team.

"We have made a series of improvements to the hotel over the years and believe the time is now right to pass the baton to a new owner," says Beaumont.

"The quality of food and beverage sought by the public continues to lift and venues that can meet this expectation, whilst offering reasonable price levels, will be rewarded.

"The Pine Grove Hotel offers this kind of opportunity and we are keen to see it taken to the next level."

Colliers agents Will Connolly and Guy Wells are facilitating the sale of the hotel and are expecting strong competition between prospective local operators.

"Upper Beaconsfield is a tight-knit community and we believe a purchaser will be able to enjoy this aspect which can be quite a rare find in some suburban hotels," says Connolly.

"We expect [the Pine Grove Hotel] will be attractive to locals within the surrounding area, whether they are first time buyers or current hospitality venue operators."

Expressions of interest for purchase of the leasehold close on 9 September.


Latest News

DOWNER EDI GRABS MORE THAN 50 PER CENT STAKE IN HOSTILE TAKEOVER TARGET SPOTLESS

DOWNER EDI Limited (ASX: DOW) now holds more than 50 per cent of Spotless Group Holdings Limited's (ASX: SPO) sha...

ACCODEX AIMS TO RAISE $5 MILLION CAPITAL, AWARD FOR CEO A CHERRY ON TOP

ACCOUNTANT Chris Hooper has never been one to shy away from voicing his opinion when it comes to the state of his ...

AVEO GROUP TO BUY BACK SHARES FOLLOWING MEDIA INVESTIGATION

FOLLOWING last night's Four Corners report which revealed accusations against Aveo Group (ASX: AOG) of financi...

STRUGGLING TEN NETWORK IS 'CASH POSITIVE' AND CAN BE SAVED, ADMINISTRATOR SAYS

THE ADMINISTRATORS of the Ten Network say the struggling broadcaster has cash to continue operating and have also ind...

Related News

DOWNER EDI GRABS MORE THAN 50 PER CENT STAKE IN HOSTILE TAKEOVER TARGET SPOTLESS

DOWNER EDI Limited (ASX: DOW) now holds more than 50 per cent of Spotless Group Holdings Limited's (ASX: SPO) sha...

STRUGGLING TEN NETWORK IS 'CASH POSITIVE' AND CAN BE SAVED, ADMINISTRATOR SAYS

THE ADMINISTRATORS of the Ten Network say the struggling broadcaster has cash to continue operating and have also ind...

METCASH NET PROFIT FALLS 20 PER CENT, ANNOUNCES CEO WILL STEP DOWN IN 2018

FOOD and grocery giant Metcash has announced its full year net profit has fallen more than 20 per cent and its CEO Ia...

SHARE PRICE PLUNGE FOR RETIREMENT VILLAGE OPERATOR AHEAD OF FOUR CORNERS INVESTIGATION

A RETIREMENT village operator which has been accused of charging excessive fees through complex contracts has respond...

BOOK YOUR FUNCTION SPACE HERE

 

 

 

Contact us

Email News Update Sign Up Contact Details
Subscriptions

PO Box 2087
Brisbane QLD 4001

LoginTell a FriendSign Up to Newsletter